Atacama Resources International, Inc. Takes Action to Strengthen Balance Sheet and Position Company for Long Term Success
The remaining convertible debt holder will be paid in full pursuant to the terms of its settlement agreement no later than November 4, 2019.
PLANTATION, Fla., Sept. 26, 2019 (GLOBE NEWSWIRE) -- Atacama Resources International, Inc. (OTC: ACRL) (“Atacama”), a publicly traded exploration company with over three thousand (3000) acres of mineral claims in Northeastern Ontario, including potential gold, silver, copper, cobalt, and graphite deposits announces that it has reached settlement agreements with convertible debt holders resolving all outstanding indebtedness.
Seven (7) of a total of eight (8) convertible debt holders have been paid in full pursuant to the terms of their respective settlement agreements. The remaining convertible debt holder will be paid in full pursuant to the terms of its settlement agreement no later than November 4, 2019. In addition, Atacama has reached agreements with former officers, management, employees and board members with respect to amounts that were owing and on the company’s books for loans and unpaid salaries and fees.
As noted by Atacama President and Chief Executive Officer, Colin Keith, “The future success of our company depended upon the elimination of this debt. The goal was to create a structure with minimal share consideration, while negotiating - and ultimately obtaining - a number of favorable discounts against contractual terms and premiums.”
"This marks the culmination of an extensive and coordinated effort on the part of the board and management teams, and has given us a strong foundation to pursue our aggressive exploration and asset development strategy for a newly-transformed Atacama. I am excited for the future as I believe in this company and its assets. The impact of the elimination of this debt cannot be overstated, " explained David Berry, Chairman of the Board of Directors.
About Atacama Resources International (www.acrlintl.com)
Atacama Resources International is a publicly traded OTC Pink company with significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, copper, graphite and cobalt.
Forward Looking Statements
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Atacama Resources International, Inc.. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports as filed on the OTC Markets. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
For more information please contact:
Crystal Hyde
519-222-3890
[email protected]
